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Convertible Preferred Stock and Stockholders' Deficit | 9 Months Ended
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Sep. 30, 2018
Equity [Abstract] |
Convertible Preferred Stock and Stockholders' Deficit |
10. | CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Initial Public Offering On July 2, 2018, the Company closed its IPO, in which the Company issued and sold 6.325 million shares of its common stock, which included shares sold pursuant to an option granted to the underwriters to purchase additional shares, at a public offering price of $17.00 per share. The Company received net proceeds of $96.5 million after deducting underwriting discounts, commissions, and other offering expenses paid by the Company. In addition, immediately prior to the closing of the IPO on July 2, 2018, (i) all of the Company’s outstanding shares of convertible preferred stock converted into an aggregate of 11.0 million shares of common stock; (ii) all of the Company’s outstanding warrants to purchase convertible preferred stock converted into warrants to purchase common stock; and (iii) the Company filed an amended and restated certificate of incorporation to, among other things, decrease the number of shares of common stock, $0.01 par value per share, authorized for issuance to 200.0 million and to authorize the board of directors to issue up to 10.0 million shares of “blank check” preferred stock, $0.01 par value per share. Common Stock The Company’s amended and restated certificate of incorporation as of September 30, 2018 authorized the issuance of 200.0 million shares of common stock, $0.01 par value per share, of which 17.6 million were issued and outstanding as of September 30, 2018. Prior to the IPO, the Company was required to reserve and keep available out of its authorized but unissued shares of common stock a number of shares sufficient to effect the conversion into common stock of all outstanding shares of convertible preferred stock and convertible preferred stock warrants, convertible preferred stock or common stock warrants issuable upon borrowing the Term C Loan under the current credit facility, stock options granted and shares available for grant under its stock incentive plan. The following table summarizes the total number of shares of the Company’s common stock issued and reserved for issuance as of September 30, 2018 and December 31, 2017 (in thousands):
|  | September 30, 2018 |  |  | December 31, 2017 |
Shares of common stock issued |  |  | 17,579 |  |  |  | 231 |
Shares of common stock reserved for issuance for: |  |  |  |  |  |  |  |
Convertible preferred stock outstanding: |  |  |  |  |  |  |  |
Series A-1 |  |  | - |  |  |  | 166 |
Series A-2 (1) |  |  | - |  |  |  | 898 |
Series B (2) |  |  | - |  |  |  | 697 |
Series C (3) |  |  | - |  |  |  | 1,063 |
Series D |  |  | - |  |  |  | 1,705 |
Series E |  |  | - |  |  |  | 1,534 |
Series F |  |  | - |  |  |  | 3,531 |
Series G |  |  | - |  |  |  | 1,400 |
Convertible preferred stock warrants outstanding: |  |  |  |  |  |  |  |
Series E |  |  | - |  |  |  | 14 |
Series F |  |  | - |  |  |  | 91 |
Warrants issuable upon Term C Loan borrowing |  |  | - |  |  |  | 20 |
Common stock warrants outstanding |  |  | 105 |  |  |  | - |
Stock options outstanding |  |  | 2,873 |  |  |  | 2,444 |
Restricted stock units outstanding |  |  | 38 |  |  |  | - |
Shares available for grant under stock incentive plan |  |  | 1,323 |  |  |  | 246 |
Shares available for sale under employee stock purchase plan |  |  | 244 |  |  |  | - |
Total shares of common stock issued and reserved for issuance |  |  | 22,162 |  |  |  | 14,040 |
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(1) | Shares of Series A-2 convertible preferred stock converted to common stock at a ratio of 0.03539 shares of common stock per share of Series A-2 convertible preferred stock.
(2) | Shares of Series B convertible preferred stock converted to common stock at a ratio of 0.04103 shares of common stock per share of Series B convertible preferred stock.
(3) | Shares of Series C convertible preferred stock converted to common stock at a ratio of 0.05071 shares of common stock per share of Series C convertible preferred stock.
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Holders of common stock are entitled to receive any dividends that the Company’s board of directors may declare out of funds legally available for that purpose on a non-cumulative basis. The Company has never paid, and for the foreseeable future does not expect to pay, a dividend on its common stock. Immediately prior to the closing of the Company’s IPO on July 2, 2018, all of the Company’s outstanding shares of convertible preferred stock converted into an aggregate of 11.0 million shares of common stock, resulting in the elimination of the Company’s outstanding liquidation preferences. Common Stock Warrants The following table summarizes the Company’s outstanding common stock warrants as of September 30, 2018:
Warrants Outstanding (in thousands) |  |  | Exercise Price |  |  | Expiration Date
| 14 |  |  | $ | 19.55 |  |  | Dec-2022
| 30 |  |  | $ | 9.73 |  |  | Feb-2021
| 20 |  |  | $ | 9.73 |  |  | Aug-2023
| 20 |  |  | $ | 9.73 |  |  | Mar-2024
| 21 |  |  | $ | 9.73 |  |  | Dec-2024
| 105 |  |  |  |  |  |  |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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